Latest news with #PurnimaPuri
Bloomberg
03-07-2025
- Business
- Bloomberg
HPS's Puri Eyes ‘Huge Opportunity' in Fund Financing
HPS Investment Partners is building out its fund finance business, including net-asset-value lending. 'It's a huge opportunity,' Purnima Puri, head of liquid credit and a founding partner at the $150 billion firm, tells Bloomberg News' James Crombie and Bloomberg Intelligence's Tolu Alamutu in the latest Credit Edge podcast. 'Exits for private equity sponsors have been somewhat limited and it's one way to get some capital back to their investor group, which I think is super important,' says Puri. They also discuss how HPS is positioning for stagflation, the private-debt deal pipeline, relative returns, slim recoveries and liability-management exercise 'brain damage.' Listen to this episode on Apple Podcasts and Spotify. Apple: Spotify:
Bloomberg
03-07-2025
- Business
- Bloomberg
Distressed Debt Swaps Are Mostly Costly Failures, HPS's Puri Says
Troubled companies are failing to stay afloat by forcing losses on investors through debt swaps, proving such deals don't work, according to HPS Investment Partners. 'There's a lot of money and fees going out the door and there's a lot of brain damage and creditors and recovery rates have been totally demolished and it didn't work anyway,' Purnima Puri, head of liquid credit and a governing partner at HPS, said on the Bloomberg Intelligence Credit Edge podcast Thursday.
Reuters
07-05-2025
- Business
- Reuters
Investors at Milken eye foreign shores as tariffs cloud US outlook
BEVERLY HILLS, California, May 7 (Reuters) - Market uncertainty caused by U.S. President Donald Trump's erratic policymaking and aggressive stance on tariffs hung heavily over an investor gathering in Los Angeles this week, with many saying it is time to pivot to non-U.S. assets for more clarity. Concerns over the U.S. economic trajectory, and growing chances of an imminent recession fueled by White House trade policies were major topics at the Milken Institute Global Conference in Beverly Hills, California, where Wall Street dealmakers and global investors gathered to raise capital, sell companies and get a handle on the industry's mood. On panels and in more than a dozen private interviews on Monday and Tuesday, attendees said the U.S. economy's size and depth of its capital markets left few viable alternatives for a dramatic shift away from American assets. Many, however, said the volatility was pushing them to consider higher allocations to non-U.S. markets, Europe in particular. "We've spent a lot of time focused on the U.S. and Europe, and historically, we have had a little bit of a bias towards the U.S.," said Purnima Puri, governing partner at HPS Investment Partners, a New York-based credit investment firm. "We do think Europe is starting to look significantly more interesting, and that's a market we're spending time on," she said on stage at the conference on Tuesday. Entrepreneur Andre Loesekrug-Pietri elicited grins and pats on the back as he walked the halls sporting a green baseball cap with the words "Make Europe Great Again," in a tongue-in-cheek poke at Trump's red "Make America Great Again" hats. While many downplayed the risk of capital outflows from the U.S. that spooked markets in the immediate aftermath of Trump's tariff announcement last month, the search for alternative geographies was a major theme at the event. Some bankers characterized it as a chance to diversify portfolios with too much U.S. exposure, particularly earlier this year and late last year, when the market was betting Trump's second presidency would boost the economy through deregulation and tax cuts. Contributing to the shift are Europe's improved growth prospects and lower asset valuations. "At the start of the year, I think the view was that the U.S. was the place to be, and that's where capital is going to flow, and ... that has shifted differently," said Lee Kruter, partner and head of performing credit at GoldenTree Asset Management, speaking on stage. "In the first quarter we looked for opportunities in Europe," he added, citing better growth prospects and lower risks of stagflation than the U.S. Several senior bankers and investors said western Europe is the obvious place to invest in but it could have challenges as well. U.S. Treasury Secretary Scott Bessent sought to calm event attendees, noting in a speech on Monday that betting against America was a time-tested mistake. But concerns over a tariff-induced slowdown and a prolonged trade war with China have kept investors on edge. Several bankers said in interviews that the market's current enthusiasm may be premature and that it would take little, like a comment from China on stalling trade talks, to send stocks lower again. Saira Malik, chief investment officer at Nuveen, said non-U.S. assets could continue to do better as long as tariff uncertainty persists, but over the long-term U.S. assets could outperform other geographies again, with the tech sector being a major driver. FINANCING US DEBT A less urgent but also prominent concern was the U.S. fiscal outlook, with the prospect of rising government debt feeding doubts over the long-term safety of U.S. assets. "I believe that the underlying foundation of the dollar and Treasury market has been eroding over the last number of years, and we better pay attention to it pretty soon," Alan Schwartz, executive chairman at Guggenheim Partners, warned on a panel on Monday. Steven Mnuchin, founder and managing partner of Liberty Strategic Capital, said the U.S. dollar had no alternative as the global reserve currency. "With that comes a level of responsibility," the former U.S. Treasury secretary in Trump's first administration said at the event on Monday. "It is very important for us to keep the dollar as the reserve currency of the world, because if people don't view that, then we're going to have an even bigger problem financing our debt."
Bloomberg
05-03-2025
- Business
- Bloomberg
Immigration a 'Helpful Lever' for US: HPS Investment's Puri
Purnima Puri, HPS Investment Partners governing partner and portfolio manager for public credit, says immigration has helped grow the US economy at the Bloomberg Invest conference in New York. (Source: Bloomberg)
Bloomberg
13-02-2025
- Business
- Bloomberg
Next Big Risk: US Labor Shortage
Purnima Puri, managing director at HPS Investment Partners, talks about the risk of a US labor shortage that could stall economic growth. She speaks with Bloomberg's Sonali Basak on Next Big Risk. (Source: Bloomberg)
